Burlington Resources
NYSE : BR

Burlington Resources

January 25, 2006 19:02 ET

Burlington Resources Announces 2005 Results

HOUSTON--(CCNMatthews - Jan 25, 2006) -

Burlington Resources Inc. (NYSE:BR) today announced earnings and production for the fourth quarter and full year of 2005. Estimated fourth-quarter earnings were $927 million, or $2.45 per diluted share, including after-tax charges of $0.09 per diluted share for impairment of natural gas properties in China, $0.09 per share for various compensation programs and $0.05 per share for merger and legal expenses. The fourth-quarter earnings also included an after-tax gain on the sale of Permian Basin Royalty Trust units of $0.20 per share.

This compares to prior-year fourth-quarter earnings of $400 million, or $1.02 per diluted share, which included a $0.15 per share after-tax impairment charge. Net cash provided by operating activities increased to $1,573 million during the fourth quarter from $962 million during the prior year's fourth quarter. Discretionary cash flow(1) was $1,439 million, compared to $884 million during the prior year's fourth quarter.

Full-year financial results for 2005 included estimated net income of $2.683 billion, or $7.00 per diluted share, compared to the prior year's $1.527 billion, or $3.86 per diluted share. Net cash provided by operating activities increased to $4.536 billion, from $3.436 billion in 2004. Discretionary cash flow(1) during 2005 was $4.537 billion, compared to the prior year's $3.342 billion.

Total production during the fourth quarter of 2005 was 2,887 million cubic feet of natural gas equivalent per day (MMcfed) versus 2,846 MMcfed produced during the prior year's fourth quarter. Natural gas production was 1,928 million cubic feet per day (MMcfd). Natural gas liquids production was 65.9 thousand barrels per day (Mbd). Oil production was 94.0 Mbd. For the full year, total production increased 1.6 percent on an absolute basis or 4.8 percent on a per-share basis to 2,863 MMcfed, from 2,817 MMcfed in the prior year, despite downtime from major storms in the U.S. and greater than normal industry maintenance requirements in the San Juan Basin that together reduced annual volumes by approximately 40 MMcfed.

Fourth-quarter 2005 price realizations for natural gas were $9.43 per thousand cubic feet (Mcf), compared to $5.97 per Mcf during the prior year's quarter. Natural gas liquids price realizations were $38.86 per barrel, compared to $29.04 per barrel during the prior year's quarter. Oil price realizations were $52.80 per barrel, compared to $39.28 per barrel during the prior year's quarter. Full-year 2005 price realizations for natural gas were $7.22 per Mcf, compared to $5.49 per Mcf during 2004. Natural gas liquids price realizations were $32.88 per barrel, compared to $25.38 per barrel in 2004. Oil price realizations were $50.77 per barrel, compared to $36.25 per barrel in 2004.

Capital expenditures during 2005 totaled $2.687 billion, including $328 million for acquisitions. Burlington has approved a capital budget for 2006 of $3.1 billion, excluding acquisitions.

Additional highlights during 2005 included:

-- Proposed Acquisition by ConocoPhillips - On Dec. 12, 2005, ConocoPhillips and Burlington announced that they signed a definitive agreement under which ConocoPhillips would acquire Burlington for consideration that includes $46.50 in cash and 0.7214 shares of ConocoPhillips stock for each share of Burlington stock. The transaction is subject to shareholder and regulatory approval and other customary terms and conditions. It is anticipated that the transaction will be completed during the first half of 2006.

-- Volumes - Burlington increased volumes in the U.S. through successful drilling and development in the East Texas Bossier and Barnett Shale plays, and the Bakken trend and Cedar Creek Anticline in the Williston Basin. Volumes in Canada benefited from a successful early ramp-up in the winter 2005 drilling season. Volumes were negatively impacted throughout 2005 by weather events, including an unusually wet winter in the San Juan Basin, hurricanes Katrina and Rita in the Gulf of Mexico, and typhoon activity in the East China Sea. Volumes from Burlington's Algerian operations were also negatively impacted as a result of certain contractual provisions related to higher oil prices.

-- Reserve replacement performance - Total reserves at year-end 2005 increased to 12.5 trillion cubic feet of natural gas equivalent (Tcfe), an increase of 4 percent from 12.0 Tcfe at year-end 2004. Reserve additions from all sources totaled 1,558 billion cubic feet equivalent (Bcfe) and included 1,416 Bcfe from extensions, discoveries, other additions and revisions and 142 Bcfe from acquisitions. The company's reserve replacement ratio for 2005 was 149 percent from all sources and 136 percent excluding acquisitions, as calculated by dividing the sum of reserve revisions, extensions, discoveries, other additions and acquisitions by 2005 actual production. Burlington's reserve replacement cost was $1.68 per Mcfe, compared to a three-year average of $1.17 per Mcfe from 2002 through 2004. The increase was primarily attributable to industry service cost inflation and the acquisition of undeveloped lands. Reserve replacement cost was calculated by dividing total oil and gas capital costs, including acquisitions, of $2.614 billion, by the sum of reserve revisions, extensions, discoveries, other additions and acquisitions.

-- Drilling Inventory Growth - Through resource studies and acreage acquisitions, Burlington increased its year-end drilling inventory to more than 9 Tcfe, of which approximately 3.4 Tcfe are currently booked as proved undeveloped (PUD) reserves. Total inventory is up from 7 Tcfe at the end of 2004. During 2005 Burlington acquired or committed to acquire more than 600,000 net acres predominantly in North America including the producing and acreage assets of our privately held partner in the highly successful Bossier play. The Bossier acquisition closed as expected on Jan. 4, 2006.

-- Share repurchases and dividends - During the fourth quarter Burlington repurchased approximately 2.9 million shares of its common stock for $209 million at an average price of $70.97 per share. For the full year, repurchases totaled approximately 15.7 million shares for $902 million at an average price of $57.36 per share. Burlington's ordinary share dividend increased by 18 percent during 2005, following a 13 percent increase in 2004.

-- Balance sheet strength - Total debt to total capitalization improved to 30 percent at year-end 2005, down from 36 percent the year before. Net debt to total capitalization(1) declined to 4 percent at year-end, from 20 percent the year before. At Dec. 31, 2005 Burlington's balance sheet included approximately $3.5 billion in cash and cash equivalents, compared to $2.2 billion at the end of 2004.

-- Favorable investment returns - Burlington's return on capital employed(1) increased to 31.9 percent during 2005, from 19.8 percent during 2004. Total shareholder return was 99.4 percent.

2006 Outlook

Production - Burlington expects total production of 2,940 to 3,100 MMcfed during 2006. The company anticipates growth from its North American operations.



1st-Quarter 2006 Full-Year 2006
Estimate Estimate
---------------- -----------------
Gas (MMcfd)
U.S. 1,025 - 1,060 1,085 - 1,125
Canada 785 - 800 785 - 805
International 155 - 170 160 - 190
---------------- -----------------
Total 1,965 - 2,030 2,030 - 2,120
Natural Gas Liquids (Mbd)
U.S. 41.0 - 43.0 42.0 - 44.0
Canada 21.5 - 22.0 21.0 - 22.5
International 0.0 - 0.0 0.0 - 0.0
---------------- -----------------
Total 62.5 - 65.0 63.0 - 66.5
Crude Oil (Mbd)
U.S. 50.5 - 52.5 53.0 - 55.5
Canada 5.5 - 6.0 5.0 - 6.0
International 28.0 - 32.5 31.0 - 35.5
---------------- -----------------
Total 84.0 - 91.0 89.0 - 97.0

Total Equiv. Prod. (MMcfed) 2,845 - 2,965 2,940 - 3,100
---------------- -----------------
---------------- -----------------



North American Natural Gas Hedges - As of Dec. 31, 2005, Burlington had hedged the following volumes of future North American natural gas production using costless price collars or fixed price contracts. All prices are weighted averages adjusted to a NYMEX equivalent price.



1st-Q. 2006 2nd-Q. 2006 3rd-Q. 2006
-------------- -------------- -------------
Costless collar volumes 416 MMcfd 120 MMcfd 120MMcfd
Floor price $7.69/Mcf $8.50/Mcf $8.51/Mcf
Ceiling price $9.98/Mcf $10.34/Mcf $10.35/Mcf
Sell swap 4 MMcfd 4 MMcfd 4 MMcfd
Sales price $4.82/Mcf $4.45/Mcf $4.35/Mcf



Additional information on North American natural gas hedging subsequent to the third quarter of 2006, as well as on natural gas hedging in the U.K. and crude oil hedging, is available on Burlington's Web site at www.br-inc.com/docs/hedge.pdf.

Other 2006 Financial Parameters - Estimated expenses for the first quarter follow. The administrative range does not include merger-related costs.



1st-Q. 2006
------------
Operating costs $0.72 to $0.76/Mcfe
Administrative costs $0.16 to $0.20/Mcfe
Transportation expense $0.46 to $0.50/Mcfe
Depreciation, depletion & amortization $1.40 to $1.50/Mcfe
Interest expense $68 MM to $72 MM
Exploration costs $60 MM to $80 MM



In addition, Burlington anticipates an effective income tax rate of 32 to 36 percent for the full year of 2006. The breakdown between current and deferred taxes for the year could vary widely depending on commodity prices and other factors.

A financial statement, as well as reserves, statistics and non-GAAP (generally accepted accounting principles) reconciliation tables, accompanies this release.

This press release and a package of financial and statistical information may be accessed from the Burlington Resources Web site home page (www.br-inc.com) by selecting the link entitled "4th-Qtr/Year-End 2005 Results Info Page," and then selecting the resource desired.

Burlington Resources ranks among the world's largest independent oil and gas companies, and holds one of the industry's leading positions in North American natural gas reserves and production. Headquartered in Houston, Texas, the company conducts exploration, production and development operations in the U.S., Canada, the United Kingdom, Africa, China and South America. For additional information see the Burlington Resources Web site at www.br-inc.com.

(1) See the accompanying tables for a reconciliation of GAAP and non-GAAP measures utilized in calculating discretionary cash flow, net debt to total capitalization, and return on capital employed, as well as statements of why management believes these measures are useful information for investors.

FORWARD-LOOKING STATEMENTS

This press release may contain projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Any such projections or statements reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ materially from those projected is included in the company's periodic reports filed with the Securities and Exchange Commission.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

In connection with the proposed transaction, ConocoPhillips has filed a preliminary registration statement on Form S-4, Burlington Resources will file a proxy statement and both companies will file other relevant documents concerning the proposed merger transaction with the Securities and Exchange Commission (SEC). INVESTORS ARE URGED TO READ THE FORM S-4, PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT INFORMATION REGARDING THE MERGER. Investors may obtain free copies of the Form S-4, proxy statement and the other documents at the website maintained by the SEC at www.sec.gov. In addition, you may obtain documents filed with the SEC by ConocoPhillips free of charge by contacting ConocoPhillips Shareholder Relations Department at 281-293-6800, P.O. Box 2197, Houston, Texas, 77079-2197. You may obtain documents filed with the SEC by Burlington Resources free of charge by contacting Burlington Resources Investor Relations Department at 800-262-3456, 717 Texas Avenue, Suite 2100, Houston, Texas 77002, e-mail: IR@br-inc.com.

INTEREST OF CERTAIN PERSONS IN THE MERGER

ConocoPhillips, Burlington Resources and their respective directors and executive officers, may be deemed to be participants in the solicitation of proxies from Burlington Resources' stockholders in connection with the merger. Information about the directors and executive officers of ConocoPhillips and their ownership of ConocoPhillips stock will be set forth in the proxy statement for ConocoPhillips' 2006 Annual Meeting of Stockholders. Information about the directors and executive officers of Burlington Resources and their ownership of Burlington Resources stock is set forth in Burlington Resources' proxy statement for its 2005 annual meeting, which was filed with the SEC on March 10, 2005. Investors may obtain additional information regarding the interests of such participants by reading the Form S-4 and proxy statement for the merger.

Investors should read the Form S-4 and proxy statement carefully before making any voting or investment decision.



Burlington Resources Inc.
Reconciliation of GAAP to Non-GAAP Measure (a)
Discretionary Cash Flow
($ in Millions)

Below is a reconciliation of net cash provided by operating activities
to discretionary cash flow.

Fourth Quarter Year Ended
--------------- ---------------
2005 2004 2005 2004
------- ------- ------- -------

Net cash provided by operating
activities $1,573 $962 $4,536 $3,436
Adjustments:
Working capital (131) (63) 57 (54)
Changes in other assets and
liabilities (3) (15) (56) (40)
------- ------- ------- -------
Discretionary cash flow $1,439 $884 $4,537 $3,342
------- ------- ------- -------
------- ------- ------- -------



(a) GAAP - Generally Accepted Accounting
Principles


Management believes that the Non-GAAP measure of discretionary
cash flow is useful information for investors because it is used
internally and accepted by the investment community as a means of
measuring the company's ability to fund its capital and dividend
programs and to service its debt. Discretionary cash flow is also
useful because it is widely used by professional research analysts in
valuing, comparing ratings and providing investment recommendations of
companies in the oil and gas exploration and production industry. Many
investors use this published research in making investment decisions.



Burlington Resources Inc.
Reconciliation of GAAP to Non-GAAP Measure (a)
Net Debt to Total Capital Ratio
($ in Millions)

Below is a reconciliation of total debt to total capital ratio to net
debt to total capital ratio.

December 31,
-----------------
2005 2004
-------- --------

Total debt $3,895 $3,889
Stockholders' equity 8,909 7,011
-------- --------
Total capital $12,804 $10,900
-------- --------
-------- --------


Total debt $3,895 $3,889
Adjustment:
Less: Cash and cash equivalents 3,528 2,179
-------- --------
Net debt $367 $1,710
-------- --------
-------- --------


Net debt $367 $1,710
Stockholders' equity 8,909 7,011
-------- --------
Total adjusted capital $9,276 $8,721
-------- --------
-------- --------


Total debt to total capital ratio 30% 36%
Adjustment:
Less: Impact of cash and cash equivalents 26% 16%
-------- --------
Net debt to total capital ratio 4% 20%
-------- --------
-------- --------


(a) GAAP - Generally Accepted Accounting Principles


Total debt to total capital ratio is calculated by dividing total
debt by total debt plus stockholders' equity. Management believes
that total debt to total capital ratio is useful to investors because
it is helpful in determining a company's leverage. Management also
believes that since it has the ability to and may elect to use a
portion of cash and cash equivalents to retire debt or incur
additional expenditures without increasing debt, it is appropriate to
apply cash and cash equivalents to debt in calculating net debt to
total capital (Non-GAAP).



Burlington Resources Inc.
Return on Capital Employed (ROCE)
Reconciliation of GAAP to Non-GAAP Measure
($ in Millions)

2005 2004
-------- --------

Net Income (For the year
ended December 31) $2,683 $1,527
Add: Interest expense
after tax 186 187
-------- --------
Earnings before interest
expense (After tax) $2,869 $1,714
-------- --------
-------- --------



December 31, Average Balances
-------------------------- -----------------
2005 2004 2003 2005 2004
-------- -------- -------- -------- --------

Total Debt (GAAP) $3,895 $3,889 $3,873 $3,892 $3,881
Less: Cash and cash
equivalents 3,528 2,179 757 2,854 1,468
-------- -------- -------- -------- --------
Net debt (Non-GAAP) 367 1,710 3,116 1,038 2,413

Stockholders' equity 8,909 7,011 5,521 7,960 6,266
-------- -------- -------- -------- --------
Total capital net of cash
and cash equivalents 9,276 8,721 8,637 8,998 8,679
Plus: Cash and cash
equivalents 3,528 2,179 757 2,854 1,468
-------- -------- -------- -------- --------
Total capital (GAAP) $12,804 $10,900 $9,394 $11,852 $10,147
-------- -------- -------- -------- --------
-------- -------- -------- -------- --------


ROCE (GAAP)-year ended 24.2% 16.9%
Impact of cash and cash
equivalents 7.7% 2.9%
-------- --------
ROCE (Non-GAAP)-year
ended 31.9% 19.8%
-------- --------
-------- --------


ROCE is defined as net income plus after-tax interest expense
divided by average capital (total debt plus stockholders' equity).
Above is a reconciliation of ROCE calculated using net debt (total
debt less cash equivalents) in the average capital calculation
(considered Non-GAAP) compared to ROCE calculated using total debt in
the average capital calculation.

Management believes that ROCE is a useful measure because it
indicates the return on all capital, which includes equity and debt,
employed in the business. Management believes that since it has the
ability to and may elect to use a portion of the cash and cash
equivalents to retire debt, the debt balance has been reduced for cash
and cash equivalents. Management also believes that ROCE is an
additional measure of efficiency when considered in conjunction with
return on equity which measures the return on only the shareholders'
equity component of total capital employed.

(Note: interest expense is taxed based on the company's effective tax
rate.)


BURLINGTON RESOURCES INC.
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)


Fourth Quarter Year Ended
------------------- -------------------
2005 2004 2005 2004
--------- --------- --------- ---------
(In Millions, Except per Share Amounts)

Revenues $2,372 $1,558 $7,587 $5,618
--------- --------- --------- ---------

Costs and Other Income - Net
Taxes Other than Income
Taxes 105 72 355 260
Transportation Expense 132 124 496 453
Operating Costs 207 161 697 587
Depreciation, Depletion and
Amortization 338 306 1,313 1,137
Exploration Costs 110 81 293 258
Impairment of Oil and Gas
Properties 50 90 50 90
Administrative 80 62 256 215
Interest Expense 71 71 281 282
(Gain)/Loss on Disposal of
Assets (123) 3 (240) 13
Other Expense - Net 17 - 38 19
--------- --------- --------- ---------
Total Costs and Other Income -
Net 987 970 3,539 3,314
--------- --------- --------- ---------

Income Before Income Taxes 1,385 588 4,048 2,304
Income Tax Expense 458 188 1,365 777
--------- --------- --------- ---------

Net Income $927 $400 $2,683 $1,527
--------- --------- --------- ---------
--------- --------- --------- ---------
Basic Earnings per Common
Share $2.47 $1.03 $7.06 $3.90
--------- --------- --------- ---------
--------- --------- --------- ---------
Diluted Earnings per Common
Share $2.45 $1.02 $7.00 $3.86
--------- --------- --------- ---------
--------- --------- --------- ---------


This statement should be read in conjunction with the attached press
release.


BURLINGTON RESOURCES INC.
SALES VOLUMES AND PRICES

----------------------------------------------------------------------
Fourth Quarter Year Ended
---------------------------------------------
2005 2004 2005 2004 2003
----------------------------------------------------------------------

Sales Volumes
Gas (MMCF/Day)
U.S. 993 916 950 908 865
Canada 777 800 804 819 867
International 158 184 151 187 167
----------------------------------------------------------------------
Worldwide 1,928 1,900 1,905 1,914 1,899
----------------------------------------------------------------------
NGLs (MBBLS/Day)
U.S. 42.6 44.3 42.5 41.7 37.4
Canada 23.3 24.2 24.2 23.6 27.4
----------------------------------------------------------------------
Worldwide 65.9 68.5 66.7 65.3 64.8
----------------------------------------------------------------------
Oil (MBBLS/Day)
U.S. 54.2 41.7 49.3 37.2 29.3
Canada 6.2 5.8 6.0 5.5 5.1
International 33.6 41.6 37.7 42.5 12.1
----------------------------------------------------------------------
Worldwide 94.0 89.1 93.0 85.2 46.5
----------------------------------------------------------------------
Total Equivalent
(MMCFE/D) 2,887 2,846 2,863 2,817 2,567
----------------------------------------------------------------------

----------------------------------------------------------------------
Average Realized Prices
Gas ($/MCF)
U.S. $10.29 $5.86 $7.61 $5.54 $4.87
Canada 10.11 6.46 7.54 5.85 5.12
International 6.37 4.26 5.16 3.64 3.07
----------------------------------------------------------------------
Combined including
hedging 9.43 5.97 7.22 5.49 4.83
Hedging loss 0.77 0.03 0.23 0.01 0.09
----------------------------------------------------------------------
Combined before
hedging $10.20 $6.00 $7.45 $5.50 $4.92
----------------------------------------------------------------------
NGLs ($/BBL)
U.S. $33.51 $25.99 $27.97 $22.87 $18.42
Canada 47.72 34.72 40.68 29.79 23.08
----------------------------------------------------------------------
Combined $38.86 $29.04 $32.88 $25.38 $20.40
----------------------------------------------------------------------
Oil ($/BBL)
U.S. $53.70 $41.35 $51.83 $36.31 $28.08
Canada 55.03 42.26 52.20 37.70 31.11
International 55.03 36.50 51.10 35.94 23.49
----------------------------------------------------------------------
Combined including
hedging 52.80 39.28 50.77 36.25 27.22
Hedging loss 0.93 1.34 0.80 0.99 0.09
----------------------------------------------------------------------
Combined before
hedging $53.73 $40.62 $51.57 $37.24 $27.31
----------------------------------------------------------------------


---------------------------------
Oil (MMBbls)
---------------------------------
USA Canada Int'l. Total
---------------------------------

Proved Developed and Undeveloped
Reserves

December 31, 2002 187.2 14.4 86.3 287.9
----------------------------------------------------------------------
Revisions of previous estimates (4.9) 0.4 1.7 (2.8)
---------------------------------
Extensions, discoveries and other
additions 11.0 2.8 - 13.8
---------------------------------
Production (10.7) (1.9) (4.4) (17.0)
---------------------------------
Purchases of reserves in place 0.5 0.1 - 0.6
---------------------------------
Sales of reserves in place (0.3) (0.1) - (0.4)
----------------------------------------------------------------------

December 31, 2003 182.8 15.7 83.6 282.1
----------------------------------------------------------------------
Revisions of previous estimates 13.7 (0.7) 6.0 19.0
---------------------------------
Extensions, discoveries and other
additions 18.9 4.9 1.2 25.0
---------------------------------
Production (13.7) (2.0) (15.5) (31.2)
---------------------------------
Purchases of reserves in place 2.8 - - 2.8
---------------------------------
Sales of reserves in place - - - -
----------------------------------------------------------------------

December 31, 2004 204.5 17.9 75.3 297.7
----------------------------------------------------------------------
Revisions of previous estimates (7.2) (1.5) (3.5) (12.2)
---------------------------------
Extensions, discoveries and other
additions 8.7 2.0 14.2 24.9
---------------------------------
Production (18.0) (2.2) (13.8) (34.0)
---------------------------------
Purchases of reserves in place 0.7 - - 0.7
---------------------------------
Sales of reserves in place (2.9) - - (2.9)
----------------------------------------------------------------------

December 31, 2005 185.8 16.2 72.2 274.2
----------------------------------------------------------------------

Proved Developed Reserves
----------------------------------------------------------------------
December 31, 2002 155.2 12.9 12.9 181.0
---------------------------------
December 31, 2003 176.5 13.1 50.8 240.4
---------------------------------
December 31, 2004 185.8 13.6 48.5 247.9
---------------------------------
December 31, 2005 172.0 13.3 42.5 227.8
----------------------------------------------------------------------


---------------------------------
NGL (MMBbls)
---------------------------------
USA Canada Int'l. Total
---------------------------------

Proved Developed and Undeveloped
Reserves

December 31, 2002 240.4 59.8 - 300.2
----------------------------------------------------------------------
Revisions of previous estimates 19.8 (0.7) - 19.1
---------------------------------
Extensions, discoveries and other
additions 22.9 12.0 - 34.9
---------------------------------
Production (13.6) (10.0) - (23.6)
---------------------------------
Purchases of reserves in place 0.6 0.3 - 0.9
---------------------------------
Sales of reserves in place (0.5) (0.1) - (0.6)
----------------------------------------------------------------------

December 31, 2003 269.6 61.3 - 330.9
----------------------------------------------------------------------
Revisions of previous estimates 4.0 (8.5) - (4.5)
---------------------------------
Extensions, discoveries and other
additions 19.7 9.8 - 29.5
---------------------------------
Production (15.3) (8.6) - (23.9)
---------------------------------
Purchases of reserves in place 0.5 0.1 - 0.6
---------------------------------
Sales of reserves in place (0.1) - - (0.1)
----------------------------------------------------------------------

December 31, 2004 278.4 54.1 - 332.5
----------------------------------------------------------------------
Revisions of previous estimates 39.4 1.0 - 40.4
---------------------------------
Extensions, discoveries and other
additions 27.8 11.3 - 39.1
---------------------------------
Production (15.5) (8.8) - (24.3)
---------------------------------
Purchases of reserves in place 1.8 0.2 - 2.0
---------------------------------
Sales of reserves in place (1.1) (0.1) - (1.2)
----------------------------------------------------------------------

December 31, 2005 330.8 57.7 - 388.5
----------------------------------------------------------------------

Proved Developed Reserves
----------------------------------------------------------------------
December 31, 2002 179.2 53.1 - 232.3
---------------------------------
December 31, 2003 188.6 50.8 - 239.4
---------------------------------
December 31, 2004 193.1 44.6 - 237.7
---------------------------------
December 31, 2005 221.4 45.1 - 266.5
----------------------------------------------------------------------


-----------------------------------------
Gas (BCF) BCFE
-----------------------------------------
USA Canada Int'l. Total Total
-----------------------------------------

Proved Developed and
Undeveloped Reserves

December 31, 2002 4,753 2,296 841 7,890 11,418
----------------------------------------------------------------------
Revisions of previous
estimates (88) (57) (45) (190) (91)
-----------------------------------------
Extensions, discoveries
and other additions 425 427 54 906 1,198
-----------------------------------------
Production (315) (317) (61) (693) (937)
-----------------------------------------
Purchases of reserves in
place 131 9 79 219 228
-----------------------------------------
Sales of reserves in
place (54) (4) - (58) (64)
----------------------------------------------------------------------

December 31, 2003 4,852 2,354 868 8,074 11,752
----------------------------------------------------------------------
Revisions of previous
estimates 40 (77) 2 (35) 52
-----------------------------------------
Extensions, discoveries
and other additions 475 352 18 845 1,172
-----------------------------------------
Production (333) (300) (68) (701) (1,031)
-----------------------------------------
Purchases of reserves in
place 43 4 - 47 67
-----------------------------------------
Sales of reserves in
place (1) (3) - (4) (5)
----------------------------------------------------------------------

December 31, 2004 5,076 2,330 820 8,226 12,007
----------------------------------------------------------------------
Revisions of previous
estimates (88) 34 (74) (128) 42
-----------------------------------------
Extensions, discoveries
and other additions 522 465 3 990 1,374
-----------------------------------------
Production (347) (293) (55) (695) (1,045)
-----------------------------------------
Purchases of reserves in
place 120 6 - 126 142
-----------------------------------------
Sales of reserves in
place (8) (3) - (11) (36)
----------------------------------------------------------------------

December 31, 2005 5,275 2,539 694 8,508 12,484
----------------------------------------------------------------------

Proved Developed Reserves
----------------------------------------------------------------------
December 31, 2002 3,617 1,836 263 5,716 8,196
-----------------------------------------
December 31, 2003 3,715 1,837 322 5,874 8,753
-----------------------------------------
December 31, 2004 3,745 1,821 435 6,001 8,915
-----------------------------------------
December 31, 2005 3,752 1,956 398 6,106 9,072
----------------------------------------------------------------------



Contact Information

  • Burlington Resources Inc., Houston
    Financial: Lee Ahlstrom, 713-624-9548
    or
    Media: James Bartlett, 713-624-9354